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- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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NEWSLETTERS & ALERTS
Musical Chairs at Morgan Stanley Private Wealth Management
[Photo: MS Sydney, Australia, HQ's, by Alex Proimos / Wikimedia Commons]
by Howard Haykin
The private wealth management sand dunes continue to shift at Morgan Stanley, which employs more than 15,000 advisers. In 2016, the firm reshuffled its top executive ranks in wealth management following the departure of President Greg Fleming. Earlier this year, the firm reduced the number of regional executives from 8 to 6. Yesterday, Morgan Stanley announced plans to put 90 financial advisers alongside investment bankers at its Times Square headquarters - in hope the interaction will generate more business. [See Financialish.com]
Finally, Morgan Stanley issued a memo with further changes at the top of its private wealth management unit. The changes include 2 promotions and a flattening of the management structure. According to Reuters:
- Vince Lumia, head of wealth management, will now be 'head of the field'.
- Mandell Crawley, chief marketing officer, will now be head of wealth management.
- Former divisional head Bill McMahon and Rick Skae will now be vice chairs of wealth management.
It remains to be seen if the 'game of musical chairs' has come to an end.